JP3662560B2 - Beneficial rights exchange device, beneficial rights exchange method, and program - Google Patents

Description

[0001]
BACKGROUND OF THE INVENTION
  The present invention is beneficialExchangeEquipment, beneficiary rightsExchangeThe present invention relates to a method and a program. In particular, the present invention provides a beneficiary right in which an individual stock listed on the stock market is exchanged with an investment trust comprising such individual stock.ExchangeEquipment, beneficiary rightsExchangeThe present invention relates to a method and a program.
[0002]
[Prior art]
Listed investment trusts that can be listed on the stock market are traded on condition that all stocks constituting the stock price index are included in a predetermined ratio (see Non-Patent Document 1). Conventionally, when a new listed investment trust is formed, institutional investors or the like have raised necessary stocks from the stock market etc. with their own funds (see Non-Patent Document 2).
[0003]
[Non-Patent Document 1]
Nikkei, January 29, 2002 evening "Introduction Money Lesson"
[0004]
[Non-Patent Document 2]
Published by NRI Nomura Research Institute, Capital Market Research Department "Capital Market Quarterly"
2000 Vol. 4 No. 1 summer issue P219-221
[0005]
[Problems to be solved by the invention]
  However, according to the above method, institutional investors, etc. may have a market impact on the stock price of individual stocks in the stock market when they purchase in the stock market the amount of individual stocks necessary to form a listed investment trust. .
  Therefore, the present invention provides a beneficiary right that can solve the above problems.ExchangeEquipment, beneficiary rightsExchangeIt is an object to provide a method and a program. This object is achieved by a combination of features described in the independent claims. The dependent claims define further advantageous specific examples of the present invention.
[0006]
[Means for Solving the Problems]
  That is, according to the first aspect of the present invention,To acquire individual shares that are traded on the stock market without going through the stock market, and to exchange beneficiary rights of investment trusts that include the individual shares and other shares in a predetermined ratio A beneficiary rights exchange device, the identification information for identifying the individual stock that is insufficient to form the investment trust, which is input from the terminal of the individual stock acquisition applicant, and the individual that is insufficient to form the investment trust From the composition condition storage unit that stores information on the quantity of stock, and from the composition condition storage unit, the identification information of the individual stock that is insufficient to form the investment trust is acquired as the stock identification information of the individual stock that is desired to be acquired. In addition, an individual stock information acquisition unit that acquires the number of individual stocks that are insufficient to form the investment trust as a desired acquisition amount of individual stocks to be acquired and stores them in a memory; Obtaining the stock price information of the individual stock identified by the stock identification information stored in the memory in the stock market, and storing it in the memory, and the price of the beneficial interest of the investment trust An investment trust information acquisition unit that acquires a beneficiary right price and stores it in the memory; and a per share price of the stock price based on the stock price of the individual stock and the beneficiary right price of the investment trust stored in the memory. The exchange ratio for calculating and outputting the exchange ratio between the beneficiary right acquisition right that is the right to acquire the beneficiary right of the investment trust and the individual stock by calculating the price ratio or the reciprocal thereof, and storing it in the memory An output unit, and obtaining an offer approval notice from an individual stock offer applicant indicating that the individual stock is to be exchanged for the beneficial interest acquisition right based on the exchange ratio; When the provision approval notification acquisition unit to be stored in Mori and the provision approval notification from the individual stock offer applicant are acquired, the stock identification information of the individual stock, the acquisition desired quantity and the exchange ratio are read from the memory, Managed by the individual share purchaser so that the individual share of the desired acquisition quantity in the securities account of the individual share offer applicant is exchanged for the beneficial interest acquisition right of the quantity determined from the desired acquisition quantity and the exchange ratio. Insufficient to form the investment trust stored in the composition condition storage unit for the individual stock to be exchanged while performing processing to update the information on the deposit securities in the securities account of the individual stock offer applicant The information on the individual stock to be deleted from the composition condition storage unit, and the individual stock of the desired acquisition quantity based on the exchange ratio A beneficiary right acquisition right exchange execution unit that stores the number of beneficiary right acquisition rights to be exchanged in the composition condition storage unit in association with the individual stock offer applicant, and forms the investment trust from the composition condition storage unit Acquiring the individual shares constituting the investment trust when all the individual shares and the other shares constituting the investment trust are acquired by deleting the information of all the individual shares that are insufficient for A notice to issue beneficiary rights of the investment trust is sent to the terminal of the applicant, and the individual stock offer applicant's securities account associated with the quantity of the beneficiary right acquisition rights stored in the composition condition storage unit For transferring the beneficiary right of the quantity in question and the beneficiary right of the quantity in the securities account of the individual share acquisition applicant managed by the individual share acquisition applicant It allows characterized in that it comprises a beneficial interest exchange unit which performs processing for the beneficial interest exchanged with the beneficial interest acquired right to.
[0007]
  In the first embodiment of the present invention, the market information acquisition unit acquires board information in the stock market of the individual stock identified by the stock identification information stored in the memory, and stores it in the memory. The exchange ratio output unit, based on the limit and quantity of the sell order in the board information stored in the memory and the desired acquisition quantity, the individual stock for the desired acquisition quantity in the stock market. Calculate the average purchase price when buying under the condition of the board information, and based on the calculated average purchase price of the individual stock and the beneficial interest price of the investment trust, the ratio of the average purchase price per the beneficial interest price Alternatively, by calculating the reciprocal thereof, the exchange ratio between the beneficiary right acquisition right which is the right to acquire the beneficiary right of the investment trust and the individual stock is calculated and output and stored in the memory. It may be configured.
[0008]
  According to the second aspect of the present invention, an individual stock that is a stock traded in a stock market is acquired without going through the stock market, and the individual stock and other stocks are included in a predetermined composition ratio. A beneficiary rights exchange method for exchanging with beneficiary rights of an investment trust, the identification information for identifying the individual stocks that are insufficient to form the investment trust input from the terminal of the individual stock acquisition applicant by a computer; A storage step of storing in the composition condition storage unit information on the quantity of the individual stocks that are insufficient to form the investment trust, and from the composition condition storage unit, the individual stocks that are insufficient to form the investment trust Acquisition of identification information as stock identification information of individual stocks desired to be acquired, and acquisition of individual stocks desired to acquire the amount of individual stocks that are insufficient to form the investment trust Obtaining individual stock information as a quantity and storing it in a memory; obtaining stock price information of the individual stock identified by the stock identification information stored in the memory in the stock market; A market information acquisition stage to store; an investment trust information acquisition stage to acquire a beneficiary right price which is a beneficiary right price of the investment trust and store it in the memory; a stock price of the individual stock stored in the memory; and By calculating the price ratio of the stock price per beneficiary right price or the reciprocal thereof based on the beneficiary right price of the investment trust, the right to acquire the beneficiary right and the individual stock Calculating and outputting the exchange ratio and storing it in the memory, and exchanging the individual shares for the beneficial interest acquisition right based on the exchange ratio A provision approval notification acquisition stage for acquiring a provision approval notice from an individual stock offer applicant indicating that it is to be accepted and storing it in the memory; and when an offer acceptance notice is obtained from the individual stock offer applicant, The stock identification information of the stock, the desired acquisition quantity and the exchange ratio are read from the memory, and the individual stock of the desired acquisition quantity in the securities account of the individual stock offer applicant is a quantity determined from the desired acquisition quantity and the exchange ratio. Regarding the individual stock to be exchanged, while performing the process of updating the information of the deposit securities in the securities account of the individual stock offer applicant managed by the individual stock acquisition applicant to be exchanged for the beneficiary right acquisition right Information on the individual stocks that are insufficient to form the investment trust stored in the composition condition storage unit is stored in the composition condition storage unit. And the beneficiary right that is stored in the composition condition storage unit in association with the individual share offer applicant the quantity of the beneficiary right acquisition right to be exchanged for the individual share of the desired acquisition quantity based on the exchange ratio Right acquisition right exchange execution stage, all the individual stocks constituting the investment trust by deleting information of all the individual stocks that are insufficient to form the investment trust from the composition condition storage unit, and the When other shares are acquired, a notice is issued to the beneficiary of the investment trust to the terminal of the individual share acquisition applicant who forms the investment trust, and the benefit stored in the investment trust database The right to acquire the beneficiary right of the quantity in the securities account of the individual share offer applicant corresponding to the quantity of right acquisition rights and the individual managed by the individual share acquisition applicant A beneficiary rights exchange stage for performing a process of exchanging the beneficiary rights with the beneficiary rights acquisition rights by performing a process for transferring the beneficiary rights in the securities account of the person wishing to acquire the formula. And
[0009]
  In the second aspect of the present invention, in the market information acquisition stage, the computer acquires board information in the stock market of the individual stock identified by the stock identification information stored in the memory, In the exchange ratio output step, the computer stores the individual desired amount of the acquisition desired quantity based on the limit and quantity of the selling order and the acquisition desired quantity in the board information stored in the memory. The average purchase price when stocks are purchased in the stock market under the condition of the board information is calculated, and the average purchase price of the average purchase price is calculated based on the calculated average purchase price of the individual shares and the beneficial interest price of the investment trust. By calculating the price ratio per beneficiary right price or the reciprocal thereof, the right to acquire the beneficiary right of the investment trust and the individual stock It may be stored in the said memory and outputs to calculate the exchange ratio.
[0010]
  A third aspect of the present invention is a program for causing a computer to function as the beneficial interest exchange apparatus according to the first aspect of the present invention.
[0012]
DETAILED DESCRIPTION OF THE INVENTION
Hereinafter, the present invention will be described through embodiments of the invention. However, the following embodiments do not limit the invention according to the scope of claims, and all combinations of features described in the embodiments are included. It is not necessarily essential for the solution of the invention.
[0013]
  FIG. 1 is a functional block diagram of the stock exchange system 10. The stock exchange system 10 exchanges individual stocks traded in the stock market with beneficiary rights of investment trusts including the individual stocks and other stocks in a predetermined composition ratio, and the individual stock acquisition side terminal 100 and the beneficiaries. Rights issuing device(Beneficial rights exchange device)It aims at making it carry out appropriately between 200. The stock exchange system 10 includes an individual stock acquisition side terminal 100 managed by an individual stock acquisition applicant such as a securities company or an institutional investor, and a beneficiary right issuing device 200 that mediates the exchange by outputting the exchange ratio and the like. And an individual stock providing side terminal 300 managed by an individual stock offering applicant such as an individual investor. The beneficiary right issuing device 200 and the individual stock providing terminal 300 are connected by a communication line such as the Internet, for example.
[0014]
  The individual stock acquisition side terminal 100 receives the stock acquisition conditions such as the stock identification information for identifying the individual stock and the desired date of acquisition of the individual stock in order to acquire the individual stock that is insufficient when the investment trust is newly formed. To the right issuing device 200. The beneficiary right issuance apparatus 200 calculates the exchange ratio indicating the ratio of the quantity of beneficiary rights to be exchanged for the unit quantity of individual stock based on such information, and the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300. To both. When the individual stock providing side terminal 300 receives an input to respond to the exchange from the individual stock providing applicant who is a user of the individual stock providing side terminal 300, the individual stock providing side terminal 300 notifies the beneficiary right issuing device 200 to that effect. In response to this, the beneficiary right issuing device 200 exchanges beneficiary right acquisition rights, which are the right to acquire beneficiary rights after the formation of the investment trust, and individual stock. The beneficiary right issuing device 200 forms an investment trust using the acquired individual stock, and exchanges the beneficiary rights of the investment trust with the same number of beneficiary right acquisition rights as the beneficiary rights.
  Accordingly, the stock exchange system 10 can exchange individual stocks and beneficiary rights between individual stock acquirers and individual stock providers at an appropriate exchange ratio calculated by the beneficial interest issuing device 200. Stock price in the stock marketTo market impactA listed investment trust without givingAcquire individual shares forbe able to.
[0015]
The beneficiary right issuing device 200 includes a listed investment trust database 210, an individual stock information acquisition unit 220, a market information database 230, an investment trust information acquisition unit 235, a market information acquisition unit 240, an exchange ratio output unit 250, A provision acknowledgment notification acquisition unit 270, a beneficiary right acquisition right exchange execution unit 280, and a beneficiary right exchange unit 290 are provided.
[0016]
The listed investment trust database 210 stores the composition conditions of the listed investment trust, and upon receiving the composition condition update instruction from the individual stock acquisition side terminal 100 or the beneficial interest acquisition right exchange execution unit 280, the stored composition conditions are stored. Update. The listed investment trust database 210 sends composition conditions to the individual stock information acquisition unit 220 and the beneficial interest exchange unit 290 as necessary.
[0017]
A listed investment trust is an investment trust that can be listed on the stock market on the condition that it contributes to a trust institution a stock basket containing a plurality of individual stocks in a predetermined composition ratio. The formation conditions of a listed investment trust include, for example, the scheduled date of newly formed listed investment trust, information identifying individual stocks that are insufficient to form the listed investment trust, and the listed investment trust. Including the number of individual stocks that are insufficient to make up.
The component ratio may be the ratio of the number of individual shares constituting the listed investment trust, or the ratio of the market capitalization of the individual shares.
[0018]
The individual stock information acquisition unit 220 acquires the composition condition from the listed investment trust database 210 and sends it to the exchange ratio output unit 250. Specifically, the individual stock information acquisition unit 220 acquires the scheduled date of listing the listed investment trust as the desired date of acquisition of the individual stock, and wishes to acquire the identification information of the stock that is insufficient to form the listed investment trust. Acquired as stock identification information of individual stocks to be acquired, and the number of stocks that are insufficient to form a listed investment trust is acquired as a desired acquisition amount of individual stocks to be acquired. Then, the individual stock information acquisition unit 220 sends the acquired information to the exchange ratio output unit 250. Also, the individual stock information acquisition unit 220 sends stock identification information to the market information acquisition unit 240 and sends the desired acquisition quantity associated with the stock identification information to the provision acknowledgment notification acquisition unit 270.
[0019]
The market information database 230 stores market information, which is a transaction record in the stock market of individual stocks and listed investment trusts. The market information is marketed according to requests from the market information acquisition unit 240 and the investment trust information acquisition unit 235. The information is sent to the information acquisition unit 240 and the investment trust information acquisition unit 235. The market information database 230 includes, as market information, for example, the stock price indicating the current price, the board information indicating the number of limit orders associated with the limit price, and the volume indicating the volume of individual stocks listed on the stock market. Stores information.
[0020]
  The investment trust information acquisition unit 235 selects the beneficial interest price of the listed investment trust from the market information database 230 and sends it to the exchange ratio output unit 250.
  The market information acquisition unit 240Individual stock information acquisition unit 220The market information of the individual stock identified by the stock identification information received from is selected from the market information database 230 and sent to the exchange ratio output unit 250.
[0021]
The exchange ratio output unit 250 receives the stock identification information received from the individual stock information acquisition unit 220, the desired acquisition quantity, and the desired acquisition date, the market information received from the market information acquisition unit 240, and the investment trust information acquisition unit 235. Based on the beneficiary right price, the exchange ratio between the individual stock and the beneficiary right is calculated and output to the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300 together with the stock identification information.
In addition, when the exchange ratio output unit 250 receives an exchange ratio recalculation instruction from the provision approval notification acquisition unit 270 together with the desired quantity to be provided and the stock identification information of the individual stock, the exchange ratio output part 250 previously calculated based on the desired quantity to be provided. A new exchange ratio smaller than the exchange ratio is calculated and output to the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300 together with the stock identification information.
[0022]
The offer approval notification acquisition unit 270 provides the offer approval notification indicating that the beneficiary rights based on the exchange ratio and individual shares are exchanged at the exchange ratio output by the exchange ratio output unit 250. When it is acquired from the individual stock provider side terminal 300 in association with the desired quantity, the following processing is performed.
The provision acknowledgment notification acquisition unit 270 determines whether or not the desired supply quantity satisfies the acquisition request quantity of the individual stock acquisition applicant. When the offer approval notification acquisition unit 270 determines that the desired offer quantity satisfies the desired acquisition quantity, the exchange request to exchange the beneficiary rights acquisition right is exchanged together with the exchange instruction to execute the exchange. Send to the executive department 280. On the other hand, if the provision approval notification acquisition unit 270 determines that the desired offer quantity is less than the desired acquisition quantity, the exchange ratio output unit gives a replacement ratio recalculation instruction together with the desired offer quantity and stock identification information of the individual stock. Send to 250.
[0023]
The beneficiary rights acquisition right exchange execution unit 280 provides individual shares based on the exchange ratio when receiving the exchange request and the share identification information of the desired quantity and individual stocks provided from the approval notification acquisition unit 270. Processing for exchanging with individual stock held by the terminal 300 is performed. For example, the beneficiary right acquisition right exchange execution unit 280 may perform a process of creating and issuing a template of a transaction document necessary for the exchange, or an individual apparatus for managing individual shares in an external device that manages securities transactions and the like. An instruction to conduct a transaction may be sent. Further, the beneficiary right acquisition right exchange execution unit 280 may perform processing for updating information on cash and deposit securities in a securities account managed by a securities company or the like.
Then, the beneficiary right acquisition right exchange execution unit 280 sends an execution notice as an execution result of the exchange to the individual stock acquisition side terminal 100, the beneficiary right exchange unit 290, and the individual stock provision side terminal 300. The beneficiary right acquisition right exchange execution unit 280 also sends a composition condition update instruction to the listed investment trust database 210 indicating that the information corresponding to the individual stock satisfied by the executed transaction is to be deleted. Further, the beneficiary right acquisition right exchange execution unit 280 stores the number of beneficiary right acquisition rights issued in the listed investment trust database 210 in association with information for identifying the issuer of the beneficiary right acquisition right.
[0024]
  The beneficial interest exchange unit 290 receives the composition received from the listed investment trust database 210.conditionsTo issue beneficiary rights of listed investment trusts when all the individual shares necessary to form a listed investment trust are acquirednotificationTo the individual stock acquisition side terminal 100. In response to this, the individual stock acquisition side terminal 100 establishes a listed investment trust.Do the composition processing. Then, the beneficiary right exchange unit 290 performs a process of exchanging the beneficiary rights of the listed investment trust with the beneficiary right acquisition rights held by the individual stock providing terminal 300. For example, the beneficiary rights exchange unit 290 stores the beneficiary rights acquisition right issued from the listed investment trust database 210 (for example, the user of the individual stock provider terminal 300) in the securities account.Those who wish to acquire individual shares such as securities companies and institutional investorsThe beneficiary rights are transferred from the securities account, and a notice of the transfer is sent to the individual stock providing terminal 300.
[0025]
In this manner, the stock exchange system 10 calculates an appropriate exchange ratio for exchanging individual stocks and beneficial interests between the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300, and the individual stock acquisition side terminal 100 and The information can be output to the individual stock providing terminal 300. Then, the stock exchange system 10 allows the individual stock acquisition applicant and the individual stock offer applicant to exchange individual stock and beneficiary rights at an appropriate exchange ratio, and can perform a process of forming a listed investment trust. .
[0026]
FIG. 2 shows a detailed example of the listed investment trust database 210. The listed investment trust database 210 stores information for identifying a listed investment trust, a planned date of formation of a listed investment trust, and a total composition amount in association with each other as composition condition information of the listed investment trust. In addition, the listed investment trust database 210 has a shortage in order to form a listed investment trust in the “insufficiency stock issue”, which is information for identifying stocks that are insufficient to form a listed investment trust in each listed investment trust. The number of stocks of the shortage stock is stored in association with “the number of shortage stocks”. Furthermore, the listed investment trust database 210 associates each “deficient stock issue” with the quantity of beneficiary rights acquisition rights issued for acquiring the issue with information identifying the issuer of the beneficiary rights acquisition rights. Stored.
[0027]
For example, in the listed investment trust database 210, the formation date is September 30 and the total amount of market-average listed investment trust issued by Company E is 500,000 shares. In order to form the listed investment trust, This shows that the stocks of Bank A and B Pharmaceutical are short of 300,000 shares and 100,000 shares, respectively. Furthermore, the listed investment trust database 210 stores information indicating that Mr. A is the issuer of 100,000 shares of beneficiary rights that have been issued in exchange for shares of Bank A that have already been acquired.
[0028]
As shown in the figure, the listed investment trust database 210 stores the composition condition information of the listed investment trust. Accordingly, the individual stock information acquisition unit 220 uses the scheduled date for listing the listed investment trust as the desired acquisition date of the individual stock, and the identification information of the stock that is insufficient to form the listed investment trust, As stock identification information, the number of stocks that are insufficient to form a listed investment trust can be acquired from the listed investment trust database 210 as the desired acquisition amount of individual stocks desired to be acquired.
In addition, since the listed investment trust database 210 stores the issued beneficiary right acquisition rights in association with the issued quantity and the issuer identification information, the beneficiary right exchange unit 290 individually stores the beneficiary rights of the listed investment trusts. It can be appropriately provided to those who wish to offer shares.
[0029]
FIG. 3 shows a detailed example of the market information database 230. The market information database 230 stores the stock identification information in association with the 25-day moving average, which is a value obtained by averaging the trading volumes in the past 25 business days, and the board information indicating the transaction status in the stock market. doing.
[0030]
For example, the market information database 230 stores that the bank A's stock has a moving average of 60,000 shares on the 25th volume. In addition, the market information database 230 has a limit of 300,000 yen, 299,000 yen, 298,000 yen, 297,000 yen, 296,000 yen, and 295,000 yen for stocks of Bank A in the stock market. , Store 5,000 shares, sell 7,000 shares, sell 1,000 shares, buy 20,000 shares, buy 12,000 shares, and buy 2,000 shares are stored. Yes. Further, the fact that the current price, which is a transaction made at the time closest to the present time, is 298,000 yen is expressed as (stock price).
[0031]
  That is,Market informationDatabase 230 stores that the current value of the stock of Bank A is 298,000 yen. In addition, the listed investment trust database 210 can buy 1,000 shares of Bank A stock for 298,000 yen, 7,000 shares for 299,000 yen, and 5,000 shares for 300,000 yen. The fact is stored. That is, in the example shown in this figure, when 8,000 shares are newly purchased by market order, the average purchase price is 298,875 yen ((298,000 × 1,000 + 299,000 × 7,000) ÷ 8,000 = 298,875).
[0032]
  in this way,Market informationDatabase 230 is the 25-day moving average of the stock price of individual stocks in the stock market, board information used to calculate the price of stocks that can be purchased in the stock market, and whether recent transactions in the stock market are active Store information. Accordingly, the market information acquisition unit 240 and the exchange ratio output unit 250 can recognize the transaction status of individual stocks in the stock market with high accuracy, and can be used for calculating the exchange ratio and outputting a message as to whether or not to exchange.
[0033]
FIG. 4 shows a detailed example of the exchange ratio output by the exchange ratio output unit 250. The exchange ratio output unit 250 includes, in the stock identification information of the individual stock that the individual stock acquisition applicant wishes to acquire by exchanging beneficiary rights, the desired acquisition quantity that is the number of individual stocks desired to be acquired, the individual stock and the beneficiary The exchange ratio with the right is output in association with the right.
[0034]
For example, the exchange ratio output unit 250 outputs information indicating that 100,000 shares of A bank are exchanged for a 21: 1 exchange ratio, that is, 2.1 million shares of a listed investment trust. On the other hand, the exchange ratio output unit 250 outputs that 50,000 shares of A bank shares are exchanged with a listed investment trust of 1 million shares at an exchange ratio of 20: 1.
[0035]
Thus, the exchange ratio output unit 250 can output a plurality of different exchange ratios according to the plurality of desired acquisition quantities. In this case, the individual stock information acquisition unit 220 individually acquires a plurality of different desired acquisition quantities for the same individual stock, and the exchange ratio output unit 250 sets an exchange ratio for each of the plurality of acquisition desired quantities. It may be calculated.
[0036]
As another example of outputting the exchange ratio, the exchange ratio output unit 250 may output the acquisition price and the number of acquired shares of the individual stock to be exchanged and the provision price and the number of provided shares of the beneficial interest. In this case, the beneficiary right acquisition right exchange execution unit 280 performs processing for acquiring individual shares for the number of acquired shares at the acquisition price and giving the right to acquire the beneficiary rights for the number of shares provided at the provided price as the beneficiary right acquisition right. That is, in this case, the exchange is a process of determining the transaction conditions for individual stock and beneficiary rights and notifying the trader.
[0037]
FIG. 5 shows an operation flow of the stock exchange system 10. The individual stock acquisition side terminal 100 inputs the composition condition information of the listed investment trust to the beneficiary right issuing device 200 (step S100). The listed investment trust database 210 updates the composition conditions in accordance with the input from the individual stock acquisition side terminal 100 (step S200). Then, the individual stock information acquisition unit 220 acquires the composition condition information of the listed investment trust (Step S210). Subsequently, the investment trust information acquisition unit 235 acquires the beneficial interest price of the listed investment trust (step S215). Moreover, the market information acquisition part 240 acquires the market information regarding the individual stock which the individual stock acquisition applicant desires to acquire (step S220). Subsequently, the individual stock acquisition side terminal 100, the beneficiary right issuing device 200, and the individual stock provision side terminal 300 perform processing for exchanging the beneficiary right acquisition right and the individual stock (step S230).
[0038]
The beneficiary rights exchange unit 290 gives an instruction to purchase a shortage of individual stocks in the stock market if all the individual stocks that should constitute a listed investment trust have not been acquired by the desired acquisition deadline (step S280: NO). This is sent to the individual stock acquisition side terminal 100 (step S285). In response to this, the individual stock acquisition side terminal 100 performs processing for purchasing individual stock (step S150).
[0039]
  Beneficial interest exchange unit 290 issues beneficiary rights when all the individual shares constituting the listed investment trust have been acquired.Send a notice to that effect to the individual stock acquisition terminal 100(Step S290). Then, the beneficiary right exchange unit 290 performs a process of exchanging the beneficiary right with the beneficiary right acquisition right that has already been issued in exchange for individual shares.A notice that the beneficiary rights have been transferred is sent to the individual stock providing terminal 300(Step S295).PiecesThe separate stock-providing terminal 300By receiving notification that the beneficial interests have been transferredA process for acquiring a beneficial interest is performed (step S330).
[0040]
  In this way, the beneficiary right issuing device 200 transfers the beneficiary right acquisition right to the individual stock providing terminal 300 in order to acquire the individual stock necessary for the formation of the listed investment trust.UsersProvided toShiAfter a listed investment trust is formedInProcess to exchange beneficiary rights acquisition rights with beneficiary rights. Therefore, the stock exchange system 10 can form a listed investment trust and smoothly perform the process of exchanging the beneficiary rights of the listed listed investment trust with individual stocks necessary for the composition.
  For example, a securities company or institutional investor who is an administrator of the individual stock acquisition side terminal 100 can smoothly form a listed investment trust while reducing the price fluctuation risk caused by holding a listed investment trust and individual stock. Can do.
[0041]
FIG. 6 shows an operation flow of the beneficiary right acquisition right exchange process (step S230). The exchange ratio output unit 250 calculates the exchange ratio between the individual stock and the beneficiary rights based on the stock price and / or board information, the desired acquisition date, the beneficiary right price, and the desired acquisition quantity, and the individual stock acquisition side terminal 100 and The information is output to the individual stock providing terminal 300 (step S240). Details of the calculation will be described with reference to FIG. The individual stock acquisition side terminal 100 displays the received exchange ratio to the individual stock acquisition applicant (step S110). Also, the individual stock providing side terminal 300 displays the exchange ratio to the individual stock providing applicant (step S300).
[0042]
When the individual stock providing terminal 300 receives from the individual stock offer applicant an input indicating that the number of beneficial interests based on the exchange ratio is to be exchanged for individual stock, a notification indicating that the exchange is to be accepted Is sent to the beneficiary right issuing device 200 in association with the desired offer quantity of individual stock (step S310). When the provision acknowledgment notification acquisition unit 270 receives the provision acknowledgment notification in association with the desired offer quantity of the individual stock (step S250), the provision acknowledgment notice acquisition unit 270 determines whether the desired offer quantity is less than the desired acquisition quantity (step S260). ).
[0043]
If the offer approval notification acquisition unit 270 determines that the desired offer quantity is less than the desired acquisition quantity (step S260: YES), the offer notice unit 270 provides the individual stock acquisition side terminal 100 and the individual stock offer, indicating that the exchange is not established. The data is sent to the side terminal 300 (step S274). If the provision approval notification acquisition unit 270 determines that the current date / time has not reached the due date of the listed investment trust (step S275: NO), it returns to S240 and recalculates the exchange ratio. When it is determined that the current date and time has reached the formation date of the listed investment trust (step S275: YES), the process of this figure is terminated and the process returns to the process of FIG. On the other hand, when it is determined that the desired offer quantity reaches the desired acquisition quantity (step S260: NO), the beneficiary right acquisition right exchange execution unit 280 executes the exchange and acquires the individual share acquisition notification that the exchange has been executed. To the terminal 100 and the individual stock provider terminal 300 (step S270). The beneficiary right acquisition right exchange execution unit 280 stores the result of issuing the beneficiary certificate acquisition right (issued quantity, issuer, etc.) in the listed investment trust database 210 and stores it in the individual stocks satisfied by the established exchange transaction. Corresponding information is removed from the listed investment trust database 210 (step S272).
[0044]
  When the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300 determine based on the notification from the beneficiary right issuance apparatus 200 that the exchange transaction has not been established and the listing date of the listed investment trust has not been reached. (Step S130: NO and step S320: NO), step S110 and step S110, respectively.SReturning to 300, the processing is continued. On the other hand, when the individual stock acquisition side terminal 100 and the individual stock provision side terminal 300 determine that the exchange transaction has been established or the formation date of the listed investment trust has been reached (step S130: YES and step S320: YES), the result of the exchange transaction is displayed to the individual stock acquisition applicant and the individual stock offer applicant, respectively (step S140 and step S325).
[0045]
In this way, the stock exchange system 10 can calculate an appropriate exchange ratio between individual stocks and beneficiary rights, and appropriately mediate exchange negotiations between the individual stock acquisition side terminal 100 and the beneficiary right issuing device 200.
[0046]
FIG. 7 shows an operation flow of the exchange ratio output (step S240). The market information acquisition unit 240 acquires a moving average 25-day moving average as illustrated in FIG. 3 (step S400). Then, the exchange ratio output unit 250 calculates the desired volume acquisition desired quantity, which is the ratio of the desired acquisition quantity with respect to the moving average 25-day moving average of the individual stock identified by the stock identification information. Subsequently, if the exchange ratio output unit 250 determines that the desired volume acquisition quantity exceeds a predetermined volume reference ratio corresponding to the stock identification information (step S410: NO), the individual shares are beneficiary. A message to the effect that the purchase should be made from the stock market is output to the individual stock acquisition side terminal 100 instead of the exchange ratio. In this operation flow, when a message is output, the exchange ratio is not output. However, as another example, the market information acquisition unit 240 may output a message together with the exchange ratio.
[0047]
When it is determined that the desired volume acquisition quantity is below the volume reference ratio (step S410: YES), the beneficiary right issuing device 200 calculates a replacement ratio reference value (step S430). Details will be described with reference to FIG. Subsequently, when the provision acknowledgment notification acquisition unit 270 determines that the desired offer quantity has not yet been acquired (step S460: NO), the exchange ratio output unit 250 performs the following processing. First, the exchange ratio output unit 250 is a function that outputs an exchange ratio reference value when a desired acquisition quantity is input, and the exchange ratio that is output decreases as the input desired acquisition quantity decreases. Generate a function that Then, the replacement ratio output unit 250 substitutes the desired acquisition quantity, 1/2 of the desired acquisition quantity, and 1/10 of the desired acquisition quantity into the function, respectively. 2 and the exchange ratio associated with 1/10 of the desired acquisition quantity are calculated and output (step S480).
[0048]
On the other hand, when the provision acknowledgment notification acquisition unit 270 acquires the desired offer quantity (step S460: YES), the exchange ratio output unit 250 generates the function described in step S480, and sets the desired offer quantity in the function. By inputting, an exchange ratio smaller than the exchange ratio already calculated according to the desired quantity to be provided is calculated and output (step S490).
[0049]
As shown in the figure, the exchange ratio output unit 250 first calculates the exchange ratio reference value, and calculates the exchange ratio by subtracting the exchange ratio reference value according to the desired quantity to be provided or the desired quantity to be acquired. And output. Therefore, the replacement ratio output unit 250 can appropriately calculate a different replacement ratio depending on the quantity.
[0050]
FIG. 8 shows an operation flow of the exchange ratio reference value output (step S430). Based on the board information, the exchange ratio output unit 250 calculates an average purchase price when it is assumed that individual shares for the desired acquisition quantity are bought on the stock market by a market order (step S435).
[0051]
  For example, the exchange ratio output unit 250 shown in FIG.BoardBased on the example of information, if the desired acquisition quantity of Bank A shares is 8,000 shares, the average purchase price is 298,875 yen, assuming that 8,000 shares will be bought by market order. (Calculation example: (298,000 × 1,000 + 299,000 × 7,000) ÷ 8,000 = 298,875).
[0052]
  As another example, the exchange ratio output unit 250 may use virtual board information, which is information obtained by multiplying the number of limit orders in the board information shown in FIG. Good. For example, in the example of FIG. 3, the exchange ratio output unit 250 multiplies 1,000 shares, which is the limit order number of A bank's 298,000 yen, by multiplying a predetermined factor of 10 times by 10,000. Using stockTheThe desired amount of shares acquired by Bank AofAverage purchase priceTheCalculationMay.
  In this case, the exchange ratio output unit 250 can calculate the average purchase price in the stock market taking into account the potential demand for individual stock trading orders.
[0053]
  The exchange ratio output unit 250 calculates the remaining period, which is the period from the date when the exchange ratio is calculated and stored in the memory or the like to the scheduled date of formation of the listed investment trust (step S440). When the replacement ratio output unit 250 determines that the remaining period is shorter than the predetermined target period, the replacement ratio output unit 250 multiplies the average purchase price calculated in step S435 by a predetermined emergency premium rate. For example, the exchange ratio output unit 250 multiplies an average purchase price of 298,875 yen by an emergency premium rate of 1.05 to obtain a premium average purchase price of 313,81.8.75Is calculated. That is, when the replacement ratio output unit 250 determines that the remaining period from the date when the replacement ratio is calculated to the acquisition desired date is shorter than the target period, the replacement ratio output unit 250 increases the replacement ratio that is larger than when the remaining period is determined to be longer than the target period. Output.
[0054]
The exchange ratio output unit 250 obtains the surplus quantity of beneficiary rights, which is the quantity of surplus beneficiary rights that are not exchanged for individual shares when it is assumed that no exchange will be established, stock price and / or board information, beneficiary rights price, and Calculation is performed using the desired quantity (step S445). For example, the exchange ratio output unit 250 calculates the price ratio per beneficiary right price of the premium average purchase price calculated based on the board information and the desired acquisition quantity. Then, the exchange ratio output unit 250 calculates the surplus quantity of beneficiary rights by multiplying the desired share acquisition quantity by the price ratio. Further, the exchange ratio output unit 250 calculates the reciprocal of this price ratio as a provisional exchange ratio reference value.
As another example, when the board information is not obtained, the exchange ratio output unit 250 may calculate the surplus quantity of beneficial interest using the stock price instead of the premium average purchase price.
[0055]
The exchange ratio output unit 250 calculates a selling cost for selling the beneficiary rights in excess of the beneficiary rights in the stock market (step S450). For example, the exchange ratio output unit 250 may calculate a commission to a stock exchange and a securities company required to sell the beneficiary rights based on the surplus quantity of beneficiary rights, or sell the beneficiary rights to market the beneficiary rights. The effect on the price may be calculated based on the surplus quantity of beneficiary rights. Then, the exchange ratio output unit 250 subtracts a predetermined ratio of the sales costs from the provisional replacement ratio reference value.
[0056]
The exchange ratio output unit 250 calculates a risk hedging cost for reducing the price fluctuation risk in the stock market for the beneficiary rights for the surplus quantity of beneficiary rights (step S455). For example, the exchange ratio output unit 250 calculates the cost of purchasing put options for the surplus quantity of beneficiary rights as the risk hedge cost.
More specifically, if individual applicants for acquiring individual shares cannot acquire all the individual shares necessary for listed investment trusts by exchanging them with beneficiary rights, they will retain surplus beneficiary rights after the establishment of listed investment trusts. Risk of price fluctuation. In order to reduce such price fluctuation risk, a risk hedging cost for reducing the risk is necessary. For example, an individual stock acquisition applicant purchases a right (put option) to sell a security that moves like a beneficiary right at a predetermined price. As a result, when the price of the beneficiary right falls, the price of this security goes down, so that the individual stock acquisition applicant can gain profit by the put option. Therefore, the individual stock acquisition applicant can reduce the price fluctuation risk of the beneficial interest by purchasing the put option in advance. To perform such risk hedging, the cost of purchasing put options is required.
Then, the exchange ratio output unit 250 calculates a final exchange ratio reference value by further subtracting a predetermined ratio of the risk hedge costs from the provisional exchange ratio reference value.
[0057]
In this way, the exchange ratio output unit 250 calculates the exchange ratio, which is the quantity of beneficiary rights acquisition rights to be exchanged for the unit quantity of individual stock, based on the sale cost and risk hedge cost that occur when it is assumed that the exchange is not possible. can do. Therefore, an individual stock acquisition applicant can acquire individual stocks on conditions more favorable than the stock market, and an individual stock offer applicant can provide individual stocks on conditions more advantageous than the stock market.
[0058]
As another example, the exchange ratio output unit 250 may calculate the exchange ratio by calculating the price of individual stocks and listed investment trusts, volatility indicating the past volatility of the prices, and the past between individual shares and listed investment trusts. At least one of a correlation coefficient of price fluctuation, economic macro data such as interest rate and exchange rate, economic micro data such as financial statements, and taxes generated by buying and selling may be further used. Further, the exchange ratio output unit 250 stores the fluctuation history of these data in advance, and based on the correlation between the fluctuation of the data and the stock price of the individual stock, the future of the individual stock using a technique such as data mining. The stock price predicted value may be calculated, and the exchange ratio may be used based on the stock price predicted value.
[0059]
FIG. 9 shows an example of the hardware configuration of the stock exchange system 10. The beneficiary right issuing device 200 includes a CPU 700, ROM 702, RAM 704, communication interface 706, hard disk drive 708, database interface 710, flexible disk drive 712, and CD-ROM drive 714. The CPU 700 operates based on a program stored in the ROM 702 and the RAM 704 and controls each unit. The communication interface 706 communicates with other network devices via the network. The database interface 710 writes data into the database and updates the contents of the database. The ROM 702 and the RAM 704 are an example of a memory according to the present invention, and temporarily store values and information calculated by the members illustrated in FIG.
[0060]
The flexible disk drive 712 reads data or a program from the flexible disk 720 and provides it to the CPU 700. The CD-ROM drive 714 reads data or a program from the CD-ROM 722 and provides it to the CPU 700. The database interface 710 is connected to various databases 724 to transmit / receive data.
[0061]
The program provided to the beneficiary right issuing device 200 is stored in a recording medium such as the flexible disk 720 or the CD-ROM 722 and provided by the user. The program stored in the recording medium may be compressed or uncompressed. The program is read from the recording medium and executed by the CPU 700.
[0062]
A program stored and provided in a recording medium, that is, a program installed in the beneficiary right issuing device 200 includes, as functional components, an individual stock information acquisition module, an investment trust information acquisition module, a market information acquisition module, an exchange ratio output module, It has a provision acknowledgment notification acquisition module, a beneficiary right acquisition right exchange execution module, and a beneficiary right exchange module. The operation that each module causes the beneficiary right issuing device 200 to perform is the same as the operation of the corresponding member in the beneficiary right issuing device 200 described with reference to FIGS.
[0063]
The flexible disk 720 or the CD-ROM 722 as an example of the recording medium can store a part or all of the functions of the beneficiary right issuing device 200 in all the embodiments described in the present application.
[0064]
These programs may be read directly from the recording medium into the RAM 704 and executed, or once installed in the hard disk 708, read out into the RAM 704 and executed. Further, the program may be stored in a single recording medium or a plurality of recording media. Further, it may be stored in a form encoded by encryption, compression, or the like.
[0065]
As recording media, in addition to flexible disks and CD-ROMs, optical recording media such as DVD and PD, magneto-optical recording media such as MD, tape media, magnetic recording media, semiconductor memories such as IC cards and miniature cards, etc. Can be used. Further, a storage device such as a hard disk or a RAM provided in a server system connected to a dedicated communication network or the Internet may be used as a recording medium, and the program may be provided to the beneficiary right issuing device 200 via the network.
[0066]
As is clear from the above description, the stock exchange system 10 calculates an appropriate exchange ratio of individual stock and beneficiary rights, and appropriately mediates exchange negotiations between the individual stock acquisition side terminal 100 and the beneficiary right issuing device 200. be able to. Therefore, when the stock exchange system 10 acquires the number of individual shares necessary for the formation of a listed investment trust, it can be acquired from other than the stock market of the individual stock, and the market impact on the price of the individual stock in the stock market. It is possible to issue a listed investment trust without giving
[0067]
As mentioned above, although this invention was demonstrated using embodiment, the technical scope of this invention is not limited to the range as described in the said embodiment. Various modifications or improvements can be added to the above embodiment. It is apparent from the scope of the claims that the embodiments added with such changes or improvements can be included in the technical scope of the present invention.
[0068]
【The invention's effect】
  As is apparent from the above description, according to the present invention, the individual stock and the individual stock are generated.Mutual fundCalculate the appropriate exchange rate of beneficial interestsExchangeCan be performed smoothly.
[Brief description of the drawings]
FIG. 1 is a functional block diagram of a stock exchange system 10;
FIG. 2 is a diagram showing a detailed example of a listed investment trust database 210;
FIG. 3 is a diagram showing a detailed example of a market information database 230;
FIG. 4 is a diagram showing a detailed example of an exchange ratio output by an exchange ratio output unit 250.
FIG. 5 is an operation flow diagram of the stock exchange system 10;
FIG. 6 is an operational flow diagram of beneficiary right acquisition right exchange processing;
FIG. 7 is an operation flow chart of exchange ratio output.
FIG. 8 is an operation flow chart of an exchange ratio reference value output.
FIG. 9 is a diagram showing a hardware configuration of the stock exchange system 10;
[Explanation of symbols]
10 Stock exchange system
100 Individual stock acquisition side terminal
200 Beneficial rights issuing device(Beneficial rights exchange device)
210 Listed Investment Trust Database(Composition condition storage)
220 Individual Stock Information Acquisition Department
230 Market Information Database
235 Investment Trust Information Acquisition Department
240 Market Information Acquisition Department
250 Exchange rate output section
270 Provision Acknowledgment Acquisition Department
280 Beneficial Rights Acquisition Rights Exchange Execution Department
290 Beneficial Interest Exchange Department
300 Terminal for providing individual stock

Claims (5)

Individual shares are shares to be traded on the stock market, the The rewritable obtained not through the stock market, for exchanging said individual shares and beneficial interest in investment trust, including at a predetermined component ratio other stock a beneficiary rights exchange apparatus,
The identification information for identifying the individual stocks that are insufficient to form the investment trust and the information on the quantity of the individual stocks that are insufficient to form the investment trust, which are input from the terminal of the individual stock acquisition applicant, are stored. A composition condition storage unit;
From the composition condition storage unit, the identification information of the individual stock that is insufficient to form the investment trust is acquired as the stock identification information of the individual stock that is desired to be acquired, and the individual information that is insufficient to form the investment trust An individual stock information acquisition unit for acquiring the stock quantity as a desired acquisition quantity of the individual stock to be acquired and storing it in a memory;
Said of said individual shares identified by the stock identification information stored in the memory, acquires the share prices that put on the stock market, market information acquisition unit to be stored in said memory,
A mutual fund information obtaining unit to be stored in the memory to obtain a beneficial interest price is the price of the beneficial interest of the mutual funds,
By calculating the price ratio or its reciprocal of the per beneficiary rights price of the stock price on the basis of a beneficial interest price stock and the funds of the individual shares stored in the memory, acquires the beneficial interest in the investment trust and exchange ratio output unit to be stored in the memory together with the calculated exchange ratio of beneficial interest acquired rights and the individual shares a right to output to,
A provision approval notification acquisition unit for acquiring a provision approval notification from an individual stock offer applicant indicating that the individual stock is to be exchanged for the beneficial interest acquisition right based on the exchange ratio, and storing the notification in the memory;
When the provision approval notice is acquired from the individual stock offer applicant, the stock identification information of the individual stock, the desired acquisition quantity and the exchange ratio are read from the memory, and the individual stock offer applicant's securities account in the securities account The securities account of the individual stock offer applicant managed by the individual stock acquisition applicant so that the individual stock of the desired acquisition amount is exchanged for the beneficiary right acquisition right of a quantity determined from the acquisition desired amount and the exchange ratio In addition to performing processing for updating the information on the securities in custody, the composition condition storage unit stores information on the individual stocks that are insufficient to form the investment trust stored in the composition condition storage unit for the individual stocks to be exchanged The quantity of the beneficial interest acquisition rights to be exchanged for the individual shares of the desired acquisition quantity based on the exchange ratio. Serial and recipient right obtaining rights exchange executive to be stored in the composition condition storage unit in association with the individual stock provided seekers,
When all the individual stocks and other stocks constituting the investment trust are acquired by deleting the information of all the individual stocks that are insufficient to form the investment trust from the composition condition storage unit A notification to the effect that the beneficiary right of the investment trust is issued to the terminal of the individual share acquisition applicant who forms the investment trust, corresponding to the quantity of the beneficiary right acquisition right stored in the composition condition storage unit The beneficiary rights acquisition right of the quantity in the securities account of the individual share offer applicant attached and the beneficiary rights of the quantity in the securities account of the individual share acquisition applicant managed by the individual share acquisition applicant. A beneficiary right exchange device comprising: a beneficiary right exchanging unit that performs a process of exchanging the beneficiary right for the beneficiary right acquisition right by performing a process for transferring . The market information acquisition unit acquires board information in the stock market of the individual stock identified by the stock identification information stored in the memory, and stores it in the memory .
The exchange ratio output unit, on the basis of limit and number of orders sale in the plate information stored in the memory and to the desirably acquired quantity, the individual shares of the acquired desired minute quantities, the plate information by the stock market The average purchase price when buying under the circumstances of the above, and the ratio of the average purchase price per the beneficiary price based on the calculated average purchase price of the individual shares and the beneficial interest price of the investment trust or the by calculating the inverse, claims, characterized in that stored in the memory and outputs to calculate the exchange ratio between the individual shares and the investment is a right to obtain a beneficial interest in trust certificates acquired rights Item 1. Beneficial rights exchange device. Individual shares are shares to be traded on the stock market, the The rewritable obtained not through the stock market, for exchanging said individual shares and beneficial interest in investment trust, including at a predetermined component ratio other stock a beneficiary rights exchange method,
By computer
Identification information for identifying individual stocks that are insufficient to form the investment trust and information on the quantity of the individual stocks that are insufficient to form the investment trust, entered from the terminal of the individual share acquisition applicant A storage stage to store in the storage unit;
From the composition condition storage unit, the identification information of the individual stock that is insufficient to form the investment trust is acquired as the stock identification information of the individual stock that is desired to be acquired, and the individual information that is insufficient to form the investment trust An individual stock information acquisition stage for acquiring the stock quantity as a desired acquisition quantity of the individual stock to be acquired and storing it in a memory;
Wherein the individual shares identified by the stock identification information stored in the memory, acquires the information put that stock in the stock market, and market information acquisition step of storing in said memory,
A mutual fund information acquisition step of storing in said memory to obtain a beneficial interest price is the price of the beneficial interest of the mutual funds,
By calculating the price ratio or its reciprocal of the per beneficiary rights price of the stock price on the basis of a beneficial interest price stock and the funds of the individual shares stored in the memory, acquires the beneficial interest in the investment trust An exchange ratio output stage for calculating and outputting the exchange ratio between the right to acquire beneficiary rights and the individual stock, and storing it in the memory;
A provision approval notification acquisition step of acquiring a provision approval notification from an individual stock offer applicant indicating that the individual stock is to be exchanged for the beneficial interest acquisition right based on the exchange ratio, and storing the notification in the memory;
When the provision approval notice is acquired from the individual stock offer applicant, the stock identification information of the individual stock, the desired acquisition quantity and the exchange ratio are read from the memory, and the individual stock offer applicant's securities account in the securities account The securities account of the individual stock offer applicant managed by the individual stock acquisition applicant so that the individual stock of the desired acquisition amount is exchanged for the beneficiary right acquisition right of a quantity determined from the acquisition desired amount and the exchange ratio In addition to performing processing for updating the information on the securities in custody, the composition condition storage unit stores information on the individual stocks that are insufficient to form the investment trust stored in the composition condition storage unit for the individual stocks to be exchanged The quantity of the beneficial interest acquisition rights to be exchanged for the individual shares of the desired acquisition quantity based on the exchange ratio. A beneficial interest acquired rights exchange execution step of storing said composition condition storage unit serial in association with the individual stock provided seekers,
When all the individual stocks and other stocks constituting the investment trust are acquired by deleting the information of all the individual stocks that are insufficient to form the investment trust from the composition condition storage unit A notification to the effect that the beneficiary right of the investment trust is issued to the terminal of the individual share acquisition applicant who forms the investment trust, and associates with the quantity of the beneficiary right acquisition right stored in the investment trust database The beneficiary rights acquisition right of the quantity in the securities account of the individual share offer applicant and the beneficiary rights of the quantity in the securities account of the individual share acquisition applicant managed by the individual share acquisition applicant are transferred. by performing the processing for, beneficiary rights exchange side, characterized in that it comprises a beneficial interest exchange step of performing a process of exchanging the beneficial interest and the beneficial interest acquired rights Law . In the market information acquisition step, the computer acquires board information in the stock market of the individual stock identified by the stock identification information stored in the memory, and stores the board information in the memory.
In the exchange ratio output step, the computer converts the individual stock corresponding to the desired acquisition quantity into the stock market based on the limit and quantity of the sales order in the board information stored in the memory and the desired acquisition quantity. The average purchase price in the case of buying under the condition of the board information is calculated, and based on the calculated average purchase price of the individual stock and the beneficial interest price of the investment trust, By calculating a price ratio or its reciprocal, a beneficiary right acquisition right, which is a right to acquire the beneficiary right of the investment trust, is calculated and output, and is stored in the memory. The beneficiary rights exchange method according to claim 3. A program for causing a computer to function as the beneficiary right exchange device according to claim 1 or 2.

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